Car Refinance

Refinancing your car with Lloyds could help you lower your monthly repayments or spread the cost of a final lump sum.

What is car refinancing?


Car refinancing is the process of taking out a new finance agreement to pay off the outstanding balance on an existing car finance loan, usually with a new lender.

Why refinance your car with Lloyds Bank?

Existing Lloyds Bank customers can apply online to switch existing Hire Purchase (HP) or Personal Contract Purchase (PCP) car finance to us with no credit checks required.

How it works:

  1. Get your quote: Log on to Internet Banking and tell us about your car and current finance.
  2. See your decision: Find out if you're approved in a few minutes.
  3. Make your switch: Email your settlement figure, so we can switch you to us.

Other benefits when switching your existing car finance to Lloyds:

  • Simple Hire purchase (HP) with fixed monthly repayments
  • Keep your current car
  • No early repayment charges on our finance

Ready to apply?

To make an application, you must have:

  • Existing car finance, not with Lloyds Bank, the Halifax or Bank of Scotland.
  • An active Lloyds Bank current account (3 months minimum).

And be:

  • 18+ and a UK resident.
  • Registered for Internet Banking.

You will also need to know how much is outstanding on your existing car finance with your current lender.

Lending is subject to status and additional affordability checks.

Start your switch

You could save

£34.47 per month on £13,000 finance at 3.8% APR representative if your current rate is 9.9% APR. That is a saving of £413.64 over 12 months.

  • If you’re offered a higher rate, any potential savings will be different.
  • This is an illustrative example which doesn't take in to account any settlement fees incurred, gap insurance, warranties or add-ons included with your current finance.
  • This saving is based on moving from an existing HP product to our HP product.
  • You could pay more interest overall if you take the refinance over a longer term than your current agreement.

Switch your car finance, not your car.

Start your switch

Representative example

You could borrow £13,000 over 48 months with 48 monthly repayments of £291.99. Total amount repayable will be £14,015.52 (including a £10.00 purchase fee). Representative 3.8% APR, annual interest rate (fixed) 3.7%.

The representative APR applies to loans of £7,000- £25,000 over 1 to 5 years. Other terms and lending amounts are available at different rates.

This example shows you the rate you could get as a current account customer taking out our HP product. For a personalised quote based on your own circumstances, you’ll need to log on to Internet Banking.  

Want to know more?

You’ll find more details about transferring your car finance in our FAQ section.

Go to FAQs

Can’t find what you’re looking for?

Call: 0333 202 7969. Lines are open from 9am – 5pm Monday – Friday, 9am – 1pm on Saturdays and closed on Sundays.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).